Union budget: 5 interesting facts you need to know
Each year, the budget plays a crucial role in shaping the country’s economy, and this time, like before, it is expected to bring new policies and proposals. With the Union Budget 2025 set to be presented by Finance Minister Nirmala Sitharaman on 1st February, here are a few interesting facts about the budget process.
The first-ever Indian Budget was presented in 1860 by then Finance Minister James Wilson, under British rule. It was aimed at raising funds for the British government.
The first Indian Budget after Independence was presented on 26th November 1947 by Finance Minister RK Shanmukham Chetty.
While the Finance Minister typically presents the budget, there have been occasions when the Prime Minister took on this responsibility due to resignations, including Jawaharlal Nehru in 1958, Indira Gandhi in 1970, and Rajiv Gandhi in 1987-88.
In India, there is a longstanding tradition of starting any important or good work with something sweet, and this practice extends to the annual Union Budget presentation. Known as the 'Halwa Ceremony', it is an integral part of the budget process, symbolising the final stage of preparation before the Union Budget is tabled in Parliament.
On 5 July 2019, Finance Minister Nirmala Sitharaman broke the tradition by carrying the budget in a Bahi-Khata. Then, on 1 February 2021, she presented the first-ever paperless budget, using a digital tablet wrapped in a traditional 'bahi-khata' style pouch, aligning with Prime Minister Modi's Digital India initiative.
